Pension funds (Pensionskassen) are a form of occupational old-age provision.
Your employer commits to pay in voluntary, regular contributions for your old-age provision. In addition, you may also pay in contributions on a voluntary basis. These funds are managed by the Pensionskassen.
It is important to differentiate between single-employer and multi-employer Pensionskassen. Single-employer Pensionskassen are active for a single employer. Multi-employer Pensionskassen may conduct Pensionskasse business for several employers.
The Pensionskassen invest the funds that are paid in. For this purpose, contributions are bundled into “investment and risk sharing groups”, which each contain at least 1,000 persons. This has the following advantages:
Pensionskasse commitments may be either defined benefit-based or performance-based, with combinations of these options also being possible.
The Pensionskassen receive compensation for providing their services that are required to be appropriate and customary.
Pension benefits from Pensionskassen exist in the form of:
You are considered to be an entitled beneficiary, when you have a claim to future beneficiaries from the Pensionskasse contract.
You are a recipient beneficiary, in the event that you already receive a pension.
As soon as you become an entitled beneficiary of a Pensionskasse, the employer with the support of the Pensionskasse must inform you about the following:
The communication sent to you on an annual basis must contain the following information:
You must receive the following information in the event that you leave the company prior to the occurrence of the benefit event:
In the case that you terminate your employment relationship prior to the occurrence of the benefit event then your entitlement remains intact, this is known as the vested amount. The sum of the vested amount may be calculated using actuarial principles.
Your options after having terminated your employment relationship
The pension capital that has been paid in is only legally permissible under the followingconditions:
As soon as you are eligible for benefits, you must receive the following information:
The annual statement of account must contain the following information:
In the case that the amount of your pension benefit changes, then you much receive a schematic statement about the individual causes.